Parking Management Market Size Analysis
Parking Management market size is valued over US$ 3,772 million in 2018 and is expected to register a CAGR of 7.8% to create new market opportunity for industry players.
Parking is an essential feature of transportation. According to study, every vehicle stands at parking on every 19 days interval. The duration is expected to further shorten with increase in traffic commuters, changing workforce style and rise automotive vehicles. The traditional way of managing parking is proving ineffective and so various bodies are coming up with advanced parking management systems. The trend is likely to be seen in developed countries. However, penetration rate of such advanced features is also registering impressive growth in developing regions.
Advanced parking management systems are laced with internet of things (IoT), sensors and digitization. These systems have been highly effective in reducing the parking costs and better vehicle management. The degree of competition in parking management market is moderate. There exists significant room for each players to expand at impressive rate. Leading companies are focusing on offering integrated services to end-users. This helps them generate higher revenue and build a brand recognition.
Parking management market revenue is further increasing with government and law enforcement support. A wide range of such systems are implemented across major metropolitan cities of world. Overall, the demand for such systems will continue to register upward trajectory growth.
Global Parking Management Market Analysis, By Type
Parking management revenue is cumulative of software, hardware and service providers. Among these, hardware component accounted for highest revenue owing to initial set-up cost involving sensors, modules, and other allied component. These systems are then further supported by software and services.
While hardware segment will continue to dominate the market, software and services will register highest CAGR during the forecast period. Degree of competition in service sector is expected to heighten and many new players will emerge with regional presence. Overall, while hardware and software players are global based, service sector comprises of regional players and is bit fragmented.
Global Parking Management Market Analysis, By End-use Sector
Parking management systems is installed across municipality operated parking facilities, corporate houses, schools & universities, residential societies, and military operated estates and other government run bodies. Among these, municipality operated parking facilities accounted for 56% of total parking management systems installation. The system will continue to rise with emergence of smart cities worldwide. Newer approach and stricter regulations will help systems to grow at steady rate.
Global Parking Management Market Analysis, By Parking Site
Majority of the parking are off-street based. As such, these systems sales is highest from off-street based parking stations. Over 77% of total revenue is generated from off-street parking sites. It will continue to register healthy CAGR of 6.3% during the forecast period.
Global Parking Management Market Size and Forecast: Regional Analysis
In 2018, Western Europe dominated the global parking management market value. Italy, UK and France reported highest installation of parking management market in 2017. Increasing automotive sales, traffic congestion and changing work life will continue to drive the net sales in the region. Europe has well established parking systems in some of the major cities including London, Frankfurt, Milan, Paris and Amsterdam. These cities represent highest number of installed parking systems.
While Western Europe and North America will continue to dominate the global sales, Asia Pacific will register double digit growth, creating new market opportunity for industry players. China, Japan, India and Singapore will account for 86% of regional sales in 2019. India will be a major destination for industry players. Recent government policies has promulgated ease of doing business. Furthermore, launch of US$ 2 Trillion Smart Cities project will create ample market opportunity for industry players.
Global Parking Management Market Size and Forecast: Competition Landscape
Some key Parking Management Systems Market Players are:
- Xerox Corporation
- IBM Corporation
- Swarco Corporation
- M Company
- Cubic Corporation
- Kapsch TrafficCom
- Amano Corporation
- Siemens AG
- T2 Systems
By Parking Sites:
- Security & Surveillance
- Vehicle Parking Management
- Parking Reservation
- Municipal Operated Parking Facilities
- Transport Transit
- Corporate Buildings
- Recreational Centers (Cinema, Fun Parks, etc)
- Military Sector
- Schools and Universities
- Government Bodies
What Will You Discover in the Report?
- An in-depth analysis of the Parking Management market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Parking Management market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Parking Management market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Parking Management industry during the forecast period
- Who are the Parking Management industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Parking Management Industry Suppliers
- Parking Management Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
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